You may think it’s only tenants who have a hard time paying the mortgage. As a real estate investor or landlord, there may be times when it’s hard to pay the mortgage. Here are some things you can do to avoid facing difficulty in paying your mortgage.
Keep your properties occupied. While it may sound simple, this is the most obvious method for ensuring you’ve got rent money coming in each month to cover your mortgage payments. Don’t allow yourself to slack on advertising for new tenants, and don’t put off screening applicants or filling your properties because you get busy. Recognize that filling your vacancies is a major aspect of your REI business success and deal with it quickly and efficiently every time.
Do your best to find quality tenants. While you want to keep your properties full, finding good quality tenants is key. “Good” means they pay their rent on time, keep the property maintained and don’t abuse the lease. By using background and credit checks, you find the best tenants available keeping your rental fees coming in regularly, which helps pay the mortgage when it’s due.
Look for longterm tenants. Don’t assume quality tenants will be longterm ones. Some good renters may know they can’t stay more than a few months. They may be students or working a temporary job. They may be living in an area waiting to move or retire somewhere else. Whatever the situation, opt for longterm renters when the choice is available. Doing so will make filling a vacancy a less frequent problem.
Keep the property well maintained. If you want good, longterm tenants who pay their rent on time, do your part to keep them. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or ensure the ones you provide are in good working order. Respond to your tenants’ calls quickly, or let them know when you’ll be unavailable.
Being a good landlord will go a long in way in developing lasting tenant relationships, which will help you keep them in your property longer. A good tenant and landlord relationship can turn an average tenant into a great one.
In a tough economy, it’s important to do all you can to avoid facing the difficulty of paying the mortgage. That applies to an REI professional and renters. These simple tips can help you develop lasting, longterm, rent paying tenants who bring in the income you need monthly.